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Herbal Supplements Market

Herbal Supplements Market

Herbal Supplements Market - Global Industry Assessment & Forecast

Number Of Pages # Pages:

147

Base Year:

2022

Date

Sep - 2023

Format:

PDF XLS PPT

Report Code:

VMR-VMR-2022-1112

Segments Covered
  • By Formulation By Formulation Powder, Liquid, Capsules & Tablets, Soft gels, Others
  • By Source By Source Leaves, Fruits & Vegetable, Barks, Roots, Others
  • By Function By Function Medicinal, Aroma, Others
  • By Distribution channel By Distribution channel Offline store, Online store
  • By Region By Region North America, Europe, Asia Pacific, Latin America, Middle East & Africa
  • By Application By Application Pharmaceuticals, Food and beverages, Personal Care, Other applications
Snapshot
Base YearBase Year: 2022
Forecast YearsForecast Years: 2023 - 2030
Historical YearsHistorical Years: 2017 - 2021
Revenue 2022Revenue 2022: USD 85.9 Billion
Revenue 2030Revenue 2030: USD 149.1 Billion
Revenue CAGRRevenue CAGR (2023 - 2030): 8.20%
Fastest Growing Region Fastest Growing Region (2023 - 2030) Asia Pacific
Largest Region Largest Region (2022): North America
Customization Offered
  • Cross-segment Market Size and Analysis for Mentioned Segments Cross-segment Market Size and Analysis for Mentioned Segments
  • Additional Company Profiles (Upto 5 With No Cost) Additional Company Profiles (Upto 5 With No Cost)
  • Additional Countries (Apart From Mentioned Countries) Additional Countries (Apart From Mentioned Countries)
  • Country/Region-specific Report Country/Region-specific Report
  • Go To Market Strategy Go To Market Strategy
  • Region Specific Market Dynamics Region Specific Market Dynamics
  • Region Level Market Share Region Level Market Share
  • Import Export Analysis Import Export Analysis
  • Production Analysis Production Analysis
  • Other Others Request Customization Speak To Analyst
Herbal Supplements Market Share

The global Herbal Supplements Market is valued at USD 85.9 Billion in 2022 and is projected to reach a value of USD 149.1 Billion by 2030 at a CAGR (Compound Annual Growth Rate) of 8.20% between 2023 and 2030.

Premium Insights

Over the past three decades, the use of herbal medicines and supplements has grown significantly, with at least 80% of people turning to them for some aspect of primary healthcare. The World Health Organization (WHO) classifies herbal medicines into three categories: raw plant material, processed plant material, and medicinal herbal products. Herbal medicines are defined by the WHO as aerial or underground plant parts or other plant material that contains an active ingredient as a finished labelled medicinal product. Drugs created through chemical synthesis and their widespread production over the past century have completely changed the way that most people access healthcare worldwide. Large swaths of the populace in developing nations continue to rely on conventional doctors and herbal remedies for their primary care, though. In order to meet their medical needs, up to 90% and 70% of the population in Africa and India rely on traditional medicine. Over 90% of general hospitals in China have units for traditional medicine, which makes up about 40% of all healthcare services provided there. Traditional medicine is, however, not just used in developing nations; over the past 20 years, interest in natural therapies has grown significantly in industrialized nations, with an increase in the use of ethnobotanicals. An 18.9% adult population reported using a herb to treat a medical condition within the previous year, according to a recent national survey that identified the ten herbs that are most frequently used in the United States.

Herbal Supplements Market Size, 2022 To 2030 (USD Billion)

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  • Comparing herbal supplements to traditional pharmaceuticals, people tend to view them as safer, more natural options with fewer side effects. The global market for herbal supplements is being driven by the rising demand for natural and organic products.
  • By source segment, Leaves led the market with a global revenue share of 46% in 2022.
  • The pharmaceutical segment holds the largest herbal supplement market share, which is more than 31.45% in 2022
  • The medicinal category dominated the function segment of Herbal Supplements market and accounted for a global revenue share of 39% in 2022
  • Based on form, the tablets & capsules segment holds the major market share of 48% in 2022
  • The global Herbal Supplements market was dominated by the retail store segment and accounted for a market share of more than 49% in terms of revenue
  • Asia Pacific region dominated the market with a 42% share in 2022

Top Market Trends

  1. As people are becoming more health-conscious, they are looking for natural alternatives to traditional medicine. This has led to a rise in the demand for herbal supplements.
  2. Traditional medicine practices such as Ayurveda, Traditional Chinese Medicine (TCM), and Native American healing methods are gaining popularity worldwide. This has contributed to the increase in demand for herbal supplements derived from these traditional practices.
  3. The current trend in healthcare is shifting from treating diseases to preventing them. Herbal supplements are being seen as a way to support overall health and prevent various ailments, leading to their increased use.
  4. The Herbal Supplements market is witnessing increased investment in research and development, leading to the discovery of new herbal ingredients and formulations. This is driving the market growth and offering consumers a wider range of options.
  5. With the advancements in technology and the availability of personalized health data, consumers are seeking customized herbal supplements that cater to their specific needs. This trend is driving the development of personalized herbal supplement solutions.
  6. Herbal supplements are being increasingly incorporated into nutraceutical products and functional foods. This convergence is expanding the market for herbal supplements and providing consumers with convenient ways to incorporate them into their daily diets.

Report Coverage & Deliverables

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  • Market Trends Heatmap
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  • Market Sentiment Analysis
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Economic Insights

Customers are choosing herbal supplements as an affordable substitute for traditional medications as a result of rising healthcare costs. Additionally, consumers in emerging economies now have more disposable income, which allows them to buy herbal supplements, ultimately boosting market growth. For instance, the rise of the middle class and their willingness to spend on preventive healthcare in nations like China and India has significantly fuelled the growth of the market for herbal supplements. For instance, the global pandemic has boosted the demand for immunity-boosting herbal supplements, such as Vitamin C or Echinacea. Various regions have recognized the potential of this market and made significant investments. For example, China has invested heavily in traditional medicine research and development, while the United States has seen increased investments in organic farming to support the herbal supplements industry. On the other hand, the strict regulations that different governments impose on the production and marketing of herbal supplements raise the total cost of production and restrict market growth.

Market Segmentation

Herbal Supplements The global Herbal Supplements market can be categorized into Formulation, Source, Function, Distribution channel, Region, Application. The Herbal Supplements market can be categorized into Powder, Liquid, Capsules & Tablets, Soft gels, Others based on Formulation. The Herbal Supplements market can be categorized into Leaves, Fruits & Vegetable, Barks, Roots, Others based on Source. The Herbal Supplements market can be categorized into Medicinal, Aroma, Others based on Function. The Herbal Supplements market can be categorized into Offline store, Online store based on Distribution channel. The Herbal Supplements market can be categorized into North America, Europe, Asia Pacific, Latin America, Middle East & Africa based on Region. The Herbal Supplements market can be categorized into Pharmaceuticals, Food and beverages, Personal Care, Other applications based on Application.

Below tree is interactive. You can click the nodes to get more information.

Based on Source

Leaves are Relatively Easy to Cultivate and Harvest, Further Contributing to their Dominance in the Source Segment

Leaves from various plants are rich in active compounds and nutrients, making them popular among manufacturers and consumers alike. Additionally, leaves are relatively easy to cultivate and harvest, further contributing to their dominance in the source segment. Leaves such as Aloe Vera and Green Tea are widely used in supplements due to their antioxidant properties and potential health benefits.Additionally, leaves are often easily sourced and can be cultivated for mass production, making them a popular choice for supplement manufacturers.

Based on the Application

Pharmaceutical Companies Invest Heavily in Developing and Manufacturing Herbal Supplements

The pharmaceuticals category takes the lead in the Herbal Supplements market. This is primarily driven by the increasing demand for natural alternatives to synthetic drugs. Many consumers prefer herbal supplements that are backed by scientific research and have proven efficacy. Pharmaceutical companies invest heavily in developing and manufacturing herbal supplements to meet this demand, ensuring they maintain a strong foothold in the application segment. For example, pharmaceutical companies may extract and refine active compounds from herbs to create standardized supplements that are used as adjunct therapies for various health conditions. This category is significant as it combines traditional herbal knowledge with modern pharmaceutical practices to create highly potent and targeted herbal supplements.

Based on Function

Medicinal Herbal Supplements are Specifically Formulated to Target Specific Ailments or Provide General Health Benefits

The medicinal category dominates the function segment of the Herbal Supplements market due to its focus on addressing specific health issues. These supplements are formulated to support various bodily functions, such as immune support, digestive health, or stress management. For instance, herbal supplements containing ingredients like Echinacea or Ginger are commonly used for immune support, while supplements containing ingredients like Peppermint or Chamomile are used for digestive health. Medicinal herbal supplements are specifically formulated to target specific ailments or provide general health benefits. With increasing awareness and acceptance of natural medicines, the demand for medicinal herbal supplements continues to rise, driving their dominance in the function segment.

Based on the Dosage Form

Capsules and Tablets Offer Precise Dosing, Extended Shelf Life, and are Easy to Carry and Store

Capsules & tablets predominantly dominate the dosage form of the Herbal Supplements market. Capsules and tablets offer precise dosing, extended shelf life, and are easy to carry and store. Many consumers prefer this form as it provides a standardized dosage and eliminates the need for measuring or preparing herbal supplements. Examples of popular capsules and tablets in the market include multivitamin tablets, garlic capsules, and saw palmetto capsules.

Based on the Distribution Channel

Retail Stores Allow Customers to Physically Browse and Purchase Products

Retail stores, including supermarkets, pharmacies, and health stores, provide a convenient one-stop shop for consumers looking to purchase herbal supplements. Moreover, consumers often prefer physical stores as they can seek professional advice from pharmacists or staff, ensuring they make informed purchasing decisions. Retail stores allow customers to physically browse and purchase products, providing a tangible experience. They also offer knowledgeable staff who can provide guidance and recommendations to customers seeking herbal supplements. As a result, retail stores remain the dominant distribution channel in the Herbal Supplements market.

Based on Region

The Asia Pacific Region Benefits from a Rich Biodiversity, with Several Indigenous Plants Possessing Medicinal Properties

The Asia Pacific region has emerged as the largest market for herbal supplements due to several factors. Firstly, there is a long-standing cultural tradition of herbal medicine in many countries of this region. Ancient holistic systems like Traditional Chinese Medicine, Ayurveda, and Kampo have been practiced for centuries, emphasizing the use of herbal remedies for various health concerns. This cultural heritage has created a strong demand for herbal supplements. Secondly, the increasing health consciousness and rising disposable income levels in countries like China, India, and Japan have contributed to the growth of this market. For instance, China's ambitious China Brain Project (CBP), with a budget of USD 746 million, was launched in September 2022. Its three main areas of focus are the neural basis of cognitive functions, the diagnosis and treatment of brain disorders, and brain-inspired computing. Opportunities will undoubtedly arise for companies that produce supplements for brain health. The market for dietary supplements is therefore driven by rising public awareness as well as various government initiatives in this area. Consumers are increasingly seeking natural and organic alternatives to synthetic drugs, leading to a surge in the demand for herbal supplements. Moreover, the Asia Pacific region benefits from a rich biodiversity, with several indigenous plants possessing medicinal properties. This availability of diverse herbs further drives the growth of the Herbal Supplements market in this region.

Competitive Landscape

Numerous companies are vying to establish their dominance in this rapidly growing market. One notable development in this industry is the introduction of innovative herbal formulas targeting specific health concerns. For instance, NutraGreen, a leading herbal supplement company, recently launched a new product line featuring blends of herbs formulated to support sleep and relaxation, weight management, and immune system health. Another example is Herbalife Nutrition, which developed a range of herbal supplements focused on weight management and overall wellness. Gaia Herbs, a renowned producer of herbal supplements, has also been growing the range of ingredients it uses in its products by sourcing them sustainably and growing them organically. These examples highlight the fierce competition among companies to offer unique formulations and cater to the diverse needs of consumers in the Herbal Supplements market.

The key players in the global Herbal Supplements market include - Ricola AG, i-Health, Inc., Nutraceutical Corporation, ARKOPHARMA Pharmaceutical Laboratories, Sundown Nutrition, Twinlab Corporation, Martek Biosciences Corporation, Bio-Botanica Inc., DSM Nutritional Products Ltd., Natures Aid, Nature's Bounty Co., Himalaya Drug Company, Gaia Herbs, Herbalife Nutrition Ltd., Blackmores Ltd., BioVale Trading Co. Ltd. among others.

Recent Market Developments

  • In June 2023, the strategic hiring of industry veterans Nicholas Kelley as CEO and Maria N. Lacher as Chief Marketing Officer will help Kapiva, a domestic direct-to-consumer brand that empowers consumers with affordable and modern Ayurveda, expand its presence in the US. With a solid customer base of 500,000, Kapiva aims to spread modern Ayurveda among households globally and raise their daily wellness index.
  • In August 2022, Swanson Health added its delicious line of nutraceutical gummies to its portfolio of brands. More than ever, we are being instructed to prioritize self-care and wellness by putting a strong emphasis on our physical and mental health.

Segmentation of the Global Herbal Supplements Market

Parameter Details
Segments Covered

By Formulation

  • Powder
  • Liquid
  • Capsules & Tablets
  • Soft gels
  • Others

By Source

  • Leaves
  • Fruits & Vegetable
  • Barks
  • Roots
  • Others

By Function

  • Medicinal
  • Aroma
  • Others

By Distribution channel

  • Offline store
  • Online store

By Region

  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East & Africa

By Application

  • Pharmaceuticals
  • Food and beverages
  • Personal Care
  • Other applications

Regions & Countries Covered
  • North America - (U.S., Canada, Mexico)
  • Europe - (U.K., France, Germany, Italy, Spain, Rest Of Europe)
  • Asia Pacific - (China, Japan, India, South Korea, South East Asia, Rest Of Asia Pacific)
  • Latin America - (Brazil, Argentina, Rest Of Latin America)
  • Middle East & Africa - (GCC Countries, South Africa, Rest Of Middle East & Africa)
Companies Covered
  • Ricola AG
  • i-Health Inc.
  • Nutraceutical Corporation
  • ARKOPHARMA Pharmaceutical Laboratories
  • Sundown Nutrition
  • Twinlab Corporation
  • Martek Biosciences Corporation
  • Bio-Botanica Inc.
  • DSM Nutritional Products Ltd.
  • Natures Aid
  • Nature's Bounty Co.
  • Himalaya Drug Company
  • Gaia Herbs
  • Herbalife Nutrition Ltd.
  • Blackmores Ltd.
  • BioVale Trading Co. Ltd.
Report Coverage Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, technology landscape, patent analysis, market attractiveness analysis by segments and North America, company market share analysis, and COVID-19 impact analysis
Pricing and purchase options Avail of customized purchase options to meet your exact research needs. Explore purchase options

FAQ
Frequently Asked Question
  • The global Herbal Supplements valued at USD 85.9 Billion in 2022 and is expected to reach USD 149.1 Billion in 2030 growing at a CAGR of 8.20%.

  • The prominent players in the market are Ricola AG, i-Health, Inc., Nutraceutical Corporation, ARKOPHARMA Pharmaceutical Laboratories, Sundown Nutrition, Twinlab Corporation, Martek Biosciences Corporation, Bio-Botanica Inc., DSM Nutritional Products Ltd., Natures Aid, Nature's Bounty Co., Himalaya Drug Company, Gaia Herbs, Herbalife Nutrition Ltd., Blackmores Ltd., BioVale Trading Co. Ltd..

  • The market is project to grow at a CAGR of 8.20% between 2023 and 2030.

  • The driving factors of the Herbal Supplements include

    • Consumers awareness about the benefits of health and wellness products

  • North America was the leading regional segment of the Herbal Supplements in 2022.